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Comparative Market Analysis (CMA)
Getting The Information You Need
Are you looking for a market analysis of your home or the home you’re thinking of buying? You want to know the value of the property that looks so attractive right now. We can help. Getting as much information about a home’s property value is crucial to being able to make an informed decision. Here are some commonly asked questions about Comparative Market Analysis (CMA).
First, what IS a CMA?
The Comparative Market Analysis (CMA) is a side-by-side comparison of homes for sale and homes that have recently sold in the same price range and neighborhood. Other parameters include single-family, or condo, number of bedrooms and baths, zip code and many other factors. The purpose is to show a fair market value, based on what other buyers and sellers have determined through past sales, pending sales and homes currently on the market.
How is the CMA created?
CMAs are generated by the Multiple Listing Service that is available to licensed real estate members, brokers, salespeople, and appraisers, who pay dues for the privilege of using the service. Tax roll information, sold transactions, and listings input by all cooperating MLS members can be found on the service. Real estate agents generate CMAs for their sellers and buyers so both sides know what current market conditions are for the homes they’re interested in comparing.
How accurate are CMAs?
The CMA is a snapshot of the market, based on the most recent data available. It can instantly be rendered obsolete by a new listing or a change in status in a home. The market is constantly changing with new listings, pending sales, closed sales, price reductions, and expired listings. CMAs can vary widely, depending on the search parameters that are being used as well as the type of data fields that are chosen.
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